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Who Is To Blame for Oil Prices?

Blame George W. Bush.

Yep, he did it; Bush's deliberate roiling of world politics is the key variable in the run-up of oil prices. No president has been more brilliant in destabilizing the politics of oil-producing countries from Venezuela to Russia, as well as those of the key oil lakes of Iraq and Iran. [LINK]

Apparently, oil prices aren't high enough for ol' George.

Bush in Germany beats drum for war against Iran

In his last visit to Germany as president of the United States, George W. Bush used a joint press conference Wednesday with the German Chancellor Angela Merkel (Christian Democratic Union) to reiterate his threat of war against Iran.

“As I said before, all options remained on the table” with regard to Iran, the American president told the assembled media. In other words, Washington maintains its “option” of launching an unprovoked military strike against Iran to prevent any further development of its uranium enrichment program.[LINK]

As a result, crude oil shot up $5 a barrel Wednesday after a two day retreat from the meteoric rise to $138 a barrel on Friday, when the Deputy Prime Minister of Israel, Shaul Mofaz, threatened an attack on Iran.

“If Iran continues with its programme for developing nuclear weapons, we will attack it. The sanctions are ineffective,” Mofaz told the Israeli newspaper, according to a June 6 Reuters article. “Attacking Iran, in order to stop its nuclear plans, will be unavoidable.”

If you're wondering why members of Congress have failed to address geopolitical causes for the skyrocketing price of oil and gas at the pump, here's a hint: Complicity and the fear of mass public anger. This fear is apparently shared by our European allies who, like the U.S. congress, failed to challenge the Bush policies.

Bush’s campaign for a military option against Iran eerily recalls the campaign conducted by his administration in 2002 for war against Iraq. At the time, most European leaders refused to challenge the propaganda campaign based on lies and deception organized by the White House to justify the illegal invasion and occupation of Iraq. By refusing to publicly air their objections, they share responsibility for the resulting carnage in Iraq.

Today the White House is propagating a similar campaign to justify a criminal military strike against Iran, and once again European leaders refuse to utter a public word of criticism.

Although well-informed of the dangers of a confrontation with Iran—at the end of May former German foreign minister Joschka Fischer published an article predicting an Israeli Attack on Iran backed by the US in the coming months—European heads of state fear that any public discussion of the dangers of a US-sponsored assault on Iran could provoke a enormous wave of public indignation and opposition.

Democrats in Congress can stop pretending they're doing something to lower gas prices by trying to impose a windfall profits tax on Big Oil, or suing OPEC for failing to increase output, or legislating against so-called "speculation" in the futures market, and Republicans can stop pretending that opening up pristine lands and sea to oil drilling will solve our dependence on foreign oil any time soon.

Blame oil prices on Bush, his failed policies, aided and abetted by congress, a compliant press, and media pundits.

While the declining value of the dollar and other factors have put pressure on the price, it's impossible to ignore the fact that the invasion of Iraq reduced oil output by 1.5 million barrels a day, thus tightening supply at a time of increased world demand. Nor can it be denied that threats against Iran are driving the price of oil to stratospheric heights, when each time a U.S. or Israeli government official so much as hints at an attack, prices spike. Traders fear that Iran would retaliate against an attack by blocking the Strait of Hormuz, through which more than 40% of all globally traded oil is transported, sending the price of a barrel of oil to $400.

The significant rise of oil prices today and Friday, in direct response to U.S.-Israeli threats, finally let the cat out of the bag: The problem with oil prices is the war in Iraq and threats of war against Iran. Denials and obfuscations are no longer plausible in the face of these facts.

Related:

Silly season for oil policy: Lawmakers are falling over themselves to show they're doing something about the price of oil.

Senate Republicans Defeat Oil Windfall Tax Measure

Posted by Diana at June 12, 2008 12:20 AM